NEW YORK, Oct 17 (Reuters) - S&P 500 index futures pointed
to a higher stock market open on Wednesday as Bank of America
rose after reporting a profit and U.S. housing starts rose to
the fastest pace in more than four years last month.

But the Dow and Nasdaq index futures were lower, pressured
by weak tech company results.

Shares of Bank of America Corp, the second-largest
U.S. bank, rose 1.8 percent to $9.63 in volatile premarket
trading after reporting breakeven results that topped estimates
for a loss.

Citigroup and Goldman Sachs this week also
indicated improvement in the financial sector by posting strong
results. However, JPMorgan Chase and Wells Fargo
disappointed investors.

Nasdaq 100 futures fell as tech shares were pressured a day
after both Intel Corp and IBM reported
disappointing quarterly results, sending the stocks sharply down
before the opening bell.

"There was a lot of pessimism going into earnings season,
but overall I'm happy with what I'm seeing. Things seem to be
improving for banks," said Scott Schermerhorn, chief investment
officer at Granite Investment Advisors in Concord, New
Hampshire.

"IBM and Intel were weak, but it isn't surprising to see
such globally exposed companies hit by weakness in Europe and
emerging markets."

Equities are coming off their best two-day advance in a
month, a rise of 1.8 percent. Those gains came as some
disappointments early in the earnings season were offset by
strong results from such bellwethers as Johnson & Johnson
.

Still, the first report cards from companies in the tech
sector suggested reasons for caution. Late Tuesday, Intel gave a
weak fourth-quarter revenue outlook while IBM posted
third-quarter revenue that came in under expectations.

The tech sector is closely monitored for what it reveals
about business spending. Intel fell 4.1 percent to $21.43 before
the open while IBM lost 3.7 percent to $203.15. Both firms are
Dow components.

Earnings for S&P 500 components are seen falling 2.3 percent
from a year ago, with the main culprit the slowing global
economy. But the latest forecast does mark a slight improvement
from estimates last week, according to Thomson Reuters data.